- Powerloom is beginning preparations for the launch of its mainnet in January of 2025.
- In order to incentivize early users of the GPM app based on their leaderboard positions, Powerloom has established a GPM Tournament.
Since the first testnet launch in February of 2024, Powerloom, the next-generation data layer for onchain apps, is ecstatic to announce that its decentralized network of Snapshotter nodes has amassed more than one billion snapshots, which are unique data points. It has gained more than 5300 Snapshotter nodes, which continually record state changes and event emissions and then assemble these state changes and emissions into higher-order datasets that are useful.
For decentralized finance, GameFi, and non-fungible tokens to become widely used, we will need a powerful decentralized infrastructure that allows for social interactions, the flow of capital, and truth verification to coexist without any disruptions. Powerloom’s real-time datasets will assist decentralized applications (dApps) in providing a smooth user experience without sacrificing speed or accuracy. This is in response to the rising need for real-time, contextual relays of data that can match the pace at which users interact with content via likes, follows, and subscriptions.
Powerloom is beginning preparations for the launch of its mainnet in January of 2025. It is a testament to the increased need of both developers and consumers for accurate, high-quality, and verified datasets in real-time that this traction that has been achieved. Due to the fact that its composed datasets are synchronized in real time, Powerloom makes it possible for consumer applications to operate without the need for external oracles or indexers via its seamless functionality.
The snapshots are completed by means of a transparent consensus procedure, and then they are committed to IPFS with their CID serving as the unique identifier. This is done to guarantee that the data is accurate. Each and every Powerloom dataset is automatically synchronized with onchain blocks and is provided with real-time updates to ensure that it is in line with the most recent state of the underlying blockchain. This removes the possibility of applications and smart contracts depending on information that has become obsolete. Without the need for any further queries or RPC calls, DeFi protocols, GameFi applications, and NFT platforms are able to natively get and use these snapshots inside their respective platforms themselves.
Swaroop Hegde, Co-Founder of Powerloom stated:
“Surpassing the milestone of over one billion snapshots during our testnet, fueled by a distributed network of more than 5,300 independent Snapshotter nodes, underscores the collective strength of our decentralized infrastructure. Each node, operated by participants from around the world, contributes to the resilience, verifiability, and overall reliability of the data we deliver. As we draw closer to our mainnet launch, this global participation not only validates our approach, but also gives builders and users the confidence to embrace next-gen Web3 applications, knowing the datasets they rely on are transparent, trustworthy, and continuously evolving to meet their needs.”
In an ideal world, the capability of blockchain technology to enable open and transparent access to verifiable data would make it possible for even smaller projects to generate rich insights based on data stored on the blockchain. However, the process of transforming low-level blockchain data into consumer products such as bots, dashboards, prediction markets, and so on calls for a significant amount of computational resources and specialized competence. Because the majority of web3 projects are unable to afford this, innovation is hampered.
An abstraction of data capture and composition is provided by Powerloom in order to make on-chain data easily accessible and affordable for everyone. Those who use Web3 applications and end users can easily consume its “composed Snapshots” without having to worry about the computation involved.
Within the intersection of social and financial ecosystems is where consumer applications that are based on blockchain technology will find their future. Present-day social networks encourage content that is attention-driven, which frequently results in a distortion of the truth. This paradigm is being shifted by the introduction of data-backed incentives for truth which are being implemented by onchain social networks that are powered by Powerloom. When it comes to onchain social experiences, the majority of data nodes in the present day struggle with it.
This is because onchain social experiences require real-time, contextual data relaying that is able to compete with the speed at which users like, follow, and subscribe. This problem is solved by Powerloom, which provides developers with the tools necessary to deliver experiences that are comparable to the immediacy and interactivity of Web2, while also utilizing the potential for financial and participatory engagement that Web3 offers.
Generative Prediction Markets (GPM), a fun onchain prediction game that is part of the Onchain Points ecosystem, demonstrates how Powerloom is uniquely positioned to support the next-generation consumer applications, which include areas such as decentralized social networks and onchain analytics.
Users are able to explore real-time market trends and put their predictive skills to the test in an environment that is safe, transparent, and rewarding thanks to the fact that GPM generates micro-prediction markets every five minutes without any intervention from a human being. There is no possibility of prejudice or manipulation in prediction markets because to the automated method that GPM takes.
In order to incentivize early users of the GPM app based on their leaderboard positions, Powerloom has established a GPM Tournament. The tournament will payout over 500,000 $POWER token. As at the 20th of December 2024 at 9am UTC, the tournament will be active until the 3rd of January 2025 at 9am UTC. More than 10,000 wallets have now interacted with more than 50,000 self-resolving markets, which has resulted in more than 500,000 forecasts being generated on the GPM app.
The debut of its utility token, $POWER, is scheduled to take place in January of 2025. By providing early adopters with staking, community prizes, and engagement incentives, the token will play a vital role in the process of motivating members in the ecosystem.
For next-generation onchain consumer applications like as DeFi, GameFi, NFTs, and others, Powerloom is the customized data layer. It powers Web3 data applications that don’t want to invest millions of dollars in RPC subscriptions, data SaaS subscriptions, or establishing or maintaining data access infrastructure. With Powerloom, they can optimize for scalability, flexibility, and agility while lowering operating expenses. For total openness and confidence, each data point in each dataset produced by Powerloom is presented on IPFS, supported by consensus, and peer-validated.
